The ‘emerging market’ has been one of the most frequently requested topics by our members. In addition, the Institute recognized that many commonly held beliefs on this subject are incorrect. Due to a lack of research and information on the South African new black middle class, the Institute and Research Surveys joined forces to bring marketers the latest information on this group.
This project represents an initial study that explored South Africa’s emerging black middle class for the first time.
Black Diamond examines:
- The origins and drivers of this economic phenomenon
- The aspirations and realities of South Africa’s black middle class
- Media consumption
- Examples of products affected by this growing market
The study found that there were 2 million Black Diamonds in 2005. Suburbs – 0.45 million lived in the suburbs and 1.55 million lived in formal houses within townships. Their buying power was R130 billion (22% of SA spend) and showed that 10% of Black SA is responsible for 43% of Black buying power.
This project introduces a ground-breaking model which enables segmentation of this market and information on how to best position one’s brand. The results were presented in March 2006.